It’s easy to get lost in big data. The terabytes of data compiled and crunched by machines and programs offer new insights about our world. But where’s the signal? The noise? What does big data actually mean for you and me?
Big data isn’t about finding the needle in the haystack, but rather understanding the haystack, needle and all. Big data’s value lies in its useful and actionable insights, which are only as powerful as the data you’ve collected and the questions you ask of it. Understanding what the data can provide and how to use it is already earning dividends for some industries. (more…)
Big data is offering answers to everything from the best ways to treat patients in a hospital to ensuring every airline flight arrives on time. Some organizations have built their success on big data. Netflix, for example, has found wide viewership for its award-winning original series in part because its data shows exactly what its viewers want to watch. Amazon too has an uncanny ability to predict what its customers want to buy, even to the point of shipping products before they’re purchased.
The era of big data is now, and while making sense of it is one of the biggest challenges facing organizations, big data offers companies large and small a window into their business, customers, and future. Organizations that think they don’t have anything to learn from big data are letting the competition jump ahead, propelled by insights that offer a competitive advantage.
Pursuing big data initiatives can help your organization make better strategic decisions and answer the most important questions about your industry. But before jumping into big data, or even if you have already, realize that with big data collection comes potential challenges. As you pursue a big data initiative, try to avoid these three major obstacles: (more…)